BRADENTON, Fla. - Shelby County, Tenn., today prices $235 million of fixed-rated general obligation refunding bonds to take out three recent variable-rate demand bond deals and terminate three swaps.

Proceeds of the transaction will refund $121.5 million of Series 2008A bonds, $79 million of Series 2008B bonds, and $31.5 million of Series 2007A bonds. The bonds being refunded are variable-rate demand refunding bonds with liquidity provided by Dexia Credit Local, which has seen its credit rating downgraded. Bond proceeds also will pay swap termination fees.

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